-
Ugly, Tailing 30Y Auction Sends Yields Higher
After yesterday's mediocre, tailing 10Y auction, and with yields pushing higher today, prospects for the week's final coupon auction, today's $25BN in 30Y bonds, were not too exciting. Which is a good thing because the just concluded final refunding auction was quite disappointing. The auction stopped at high yield of 4.694%, down from last month's 4.734%, but it also tailed the When Issued 4.684% by 1.00 basis point. This was the second tail in a row, and the biggest since August when the auction tailed by 2.1bps. The bid to cover was 2.295, down from 2.382 and the lowest since August, when it was 2.266. Take that ... (full story)